Oversupply causes property prices to fall

The average property price in August was £232,241 down from £236,332 in July, according to data from Rightmove’s monthly house price index.

In the 12 months to August, property prices increased 4.3 per cent but actual fell for the second month in a row.

Newly-marketed property prices were down by over £4,091. Available stock per agent rose for the sixth consecutive month and in August was 41 per cent higher than the same time last year.

In August, Rightmove had 29,220 properties on their books compared with 20,675 at the same time last year.

Rightmove said in a statement: "Anticipated interest rate rises could lead to more repossessions though this would improve buyer affordability by exerting further downward price pressure."

Source: FT